Crypto Analyst Expects Bitcoin to Eventually Cost ‘Millions of Dollars per Coin’

Recently, prominent on-chain analyst Willy Woo made some interesting and super bullish long-term predictions about Bitcoin.

His comments were made on on day 3 of Real Vision’s “Crypto Gathering” event at a panel hosted by Laura Shin.

Woo says that by tracking BTC outflows from crypto exchanges, it is easy to see that we can see that we are heading for a Bitcoin supply crisis:

“We can see this from tracking the flows of coins out of the exchanges, where typically people speculate or buy and sell their coins, and they have a set inventory, some of which is allocated for speculation. We’ve just seen an unprecedented amount of depletion of that inventory.

“If you look back in the 2017 bull market, we saw like a five month depletion of inventory, and that was enough to propel the bull market of 2017 right up to the $20,000 [level] from what initially was about $1,000 to $1,500 when the inventory depletion ended, and now we’re in this zone of the Lehman’s 12 months of inventory depletion.“

Woo consider the current Bitcoin to be still incredibly cheap and expects Bitcoin’s market cap to eventually become a lot higher than gold’s market cap (which is currently around $10 trillion):

“Once you get a glimpse of something that’s easy to access like Bitcoin without the trouble of holding assets like real estate, it’s going to take a big chunk out of that. There’s no way Bitcoin is going to stop at the market cap of gold, which is $10 trillion, it’s going to go a lot higher, which means that we’re going to be going into the millions of dollars per coin, which is hard to believe right now but if you look at the sheer fundamentals and stretch it off over the long term, that’s how cheap Bitcoin is today.“

Woo expects Bitcoin adoption to grow very rapidly over the next few years:

“This thing has been growing for 11 years nonstop and doubling every 12 months. That puts us at 4%, then 8%, and so forth. We’re currently on track for 1 billion people having exposure to Bitcoin as an asset class in the next four years. By 2025, 1/8th of the world population will have exposure to this monetary base. It’s happening very, very quickly.“

Featured Image by “pattymalajack” via Pixabay.com

The views and opinions expressed by the author, or the people in any of the embedded videos, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

Source: Read Full Article